The different perspectives are insightful , reading your replies helps. I appreciate each of you.
Mom and I talked last night, she accepts she enabled his behaviors & resulting mess. She wants to fix it and trusts me with financial advice.
Thank you ERD50, I did not know a fixed annuity could be sold for a lump sum. I predict that would be the outcome ( curses on JG Wentworth!).
As CaptTom said, brother #2 already has the money mentally spent, he will use all his energy and talent to get the full annuity sum immediately. That was so obvious but I hadn't yet considered that outcome.
I'm following up on MarieIG's and OldShooter's advice, a HEMS trust may be the solution. I will start researching and discussing with the attorney we use.
My relationship with brothers is already strained, we are civil to each other at family events once or twice a year. That is the only time we speak.
I don't hate my brothers, but they are narcissistic and rude, not people I want to associate with, so I minimize contact with them.
However Brother #2 will most likely be a homeless street person if Brother #1 dies first. That outcome would definitely haunt my conscience, which will prevent me from completely abandoning him.
My good wife has already made it clear we scrimped, did without living very modestly, saved & invested for 35 years building a retirement nest egg while Brother #2 goofed off and travelled. She will not agree to support him one cent- I understand and will support her.
Thus my desire to resolve while mom mentally can, even if that hurts Brother #2's pride.
Thanks!